Investing.com – Wall Street futures pointed to a higher open on Tuesday, suggesting the Dow would mark another record high as investors looked ahead to earnings from Apple and key economic reports.
The earnings season continued to support investor sentiment in stocks with futures pointing to stocks moving even higher on Tuesday, coming off the Dow’s record close in the prior session.
The pace of releases will remain brisk on Tuesday with 38 S&P 500 firms reporting earnings.
Earlier, Pfizer (NS: PFIZ ) (NYSE: PFE ) reported mixed results with earnings-per-share of $0.67 beating by a penny, but a 1.9% drop in revenue to $12.9 billion falling short of forecasts for $13.08 billion.
Other companies reporting before the bell on Tuesday included Sprint (NYSE: S ), Under Armour (NYSE: UA ), Lumber Liquidators (NYSE: LL ), Shopify (NYSE: SHOP ), Cummins (NYSE: CMI ) and Royal Caribbean (NYSE: RCL )
After the market close, investors will focus on results from Apple (NASDAQ: AAPL ). The tech giant is expected to report adjusted earnings of $1.57 per share on revenue of $44.89 billion in the June quarter, according to analyst estimates. More importantly, investors will be looking for details on the iPhone 8 and its release date.
Outside the Dow, Herbalife (NYSE: HLF ), Allstate (NYSE: ALL ), Match Group (NASDAQ: MTCH ), Coherent (NASDAQ: COHR ), FireEye (NASDAQ: FEYE ) and SunPower (NASDAQ: SPWR will also all report after the closing bell.
For Tuesday’s session, market players will also keep a close eye on key economic reports such as personal income and consumer spending for June, which include the personal consumption expenditures inflation data, the Fed's preferred metric for inflation, at 8:30AM ET (12:30GMT).
Market participants will gauge the data for references to the strength of the world's largest economy and how it will impact the Federal Reserve's (Fed) view on monetary policy as most analysts expect the central bank to announce a winding down of its balance sheet in September, followed by another rate hike in December.
Despite the expert view, Fed fund futures only price in the odds for a further increase this year at around 36%, according to Investing.com's.
While waiting for the data, the U.S. dollar index , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was recovering slightly from a 14-month low hit on Monday after U.S. President Donald Trump ousted White House communications chief Anthony Scaramucci.
Meanwhile, oil prices moved lower in early North American trade, breaking a six-day winning streak.
Elsewhere, global stock markets pushed higher, supported by better-than-expected corporate results and signs that the global economy is chugging along.
Asian shares ended mostly in positive territory, buoyed by stronger-than-expected China Caixin manufacturing PMI data.
In Europe, better earnings at financial firms and oil giant BP (LON: BP ) lifted shares.
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